CP AXTRA and Ayala Forge Partnership to Strengthen Mall Development and Asset Management in Thailand
BANGKOK, THAILAND – 28 May 2026 – CP AXTRA Public Company Limited, a prominent player in ASEAN’s wholesale and retail sector with its Makro and Lotus’s brands, has entered into a Memorandum of Cooperation (MoC) with Ayala Corporation, one of the largest conglomerates in the Philippines. This partnership aims to enhance mall development and asset management across CP AXTRA’s operations in Thailand.
Strategic Collaboration for Enhanced Operations
The agreement involves ACx Holdings Corporation and AyalaLand Malls, Inc., both subsidiaries of Ayala Corporation. Under this collaboration, the two entities will exchange methodologies and best practices in areas such as mall asset operations, leasing strategies, and project development. The initial focus will be on seven key Makro stores, with the objective of improving operational efficiency, enhancing customer experience, and maximizing the long-term value of CP AXTRA’s assets.
The partnership will also explore future investment opportunities related to mall and asset development in Thailand. This includes initiatives for developing new sites and redeveloping existing CP AXTRA locations throughout the country. This marks the third agreement between CP AXTRA and Ayala, highlighting their ongoing collaboration, which previously included operating Makro in the Philippines and expanding regional business opportunities.
Insights from Leadership
Tanit Chearavanont, Group Chief Wholesale Business Officer at CP AXTRA, emphasized the significance of this partnership. He stated that the collaboration combines CP AXTRA’s deep understanding of the Thai retail market with Ayala’s extensive experience in developing and leasing shopping mall spaces. The goal is to elevate the retail environment at Makro, thereby improving the shopping experience for customers and tenants while fostering sustainable growth and long-term value for the community.
Mark Uy, Managing Director and Group Head of Strategy and Business Development at Ayala Corporation, described this agreement as a milestone in their growing relationship with CP AXTRA. He noted that the partnership aims to leverage the strengths of both conglomerates to create world-class retail and real estate developments. This collaboration also marks Ayala’s entry into the Thai market, providing an opportunity to share expertise and gain insights from a dynamic retail landscape.
Enhancing Customer Experience and Community Engagement
Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality at Ayala Land, highlighted Makro’s significant role in the daily lives of Thai consumers. She pointed out that the partnership aims to transform Makro locations into community-oriented retail destinations where consumers can stay, explore, and return. By integrating CP AXTRA’s market knowledge with Ayala Malls’ expertise in curating retail partners and enhancing customer journeys, the collaboration seeks to strengthen these sites as platforms for shoppers and merchant partners.
Complementary Strengths in Retail and Real Estate
The partnership brings together the complementary strengths of CP AXTRA and Ayala. CP AXTRA operates over 2,700 Makro and Lotus’s stores, positioning itself as a leader in multi-format, omnichannel retail across Southeast Asia. Ayala Malls, recognized for its strong retail planning and curated tenant mix, manages 34 shopping centers in the Philippines. This collaboration will leverage Ayala’s extensive expertise in leasing, mall operations, and mixed-use development to maximize the potential of CP AXTRA’s mall assets in Thailand.
The MoC builds on the strategic partnership that began in 2025 with the formation of CP AXTRA AC CORPORATION, which operates Makro stores in the Philippines. The new agreement deepens this partnership, marking the first instance where Ayala will directly apply its mall development and leasing expertise to CP AXTRA’s operations in Thailand.
For further details, visit the source: Zawya.
About CP AXTRA
CP AXTRA Public Company Limited is a leading operator of wholesale and retail businesses in Asia, primarily through its Makro and Lotus’s brands. Based in Thailand and operating in ten countries, CP AXTRA is dedicated to enhancing the quality of life for its customers by providing innovative solutions that meet daily needs. With over 30 years of experience, the company manages more than 2,700 offline stores and maintains a robust online presence.
About Ayala Corporation
With a legacy spanning over 190 years, Ayala Corporation has been instrumental in building businesses that empower individuals. As one of the largest conglomerates in the Philippines, Ayala has a significant presence in sectors such as real estate, banking, telecommunications, and renewable energy. The corporation also invests in healthcare, logistics, and education, while managing its corporate social responsibility initiatives through the Ayala Foundation.
About Ayala Malls
Ayala Malls is the premier lifestyle mall network in the Philippines, known for creating vibrant destinations that blend shopping, dining, and cultural experiences. With 34 malls nationwide, Ayala Malls is committed to enhancing the Filipino retail experience by offering a diverse mix of brands and innovative spaces that foster community engagement.
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Published on 2026-05-28 06:04:00 • By the Editorial Desk
